The XRP holder’s lawyer criticizes SEC Chair Gary Gensler for not having a proper understanding of securities laws and misinterpreting them. The lawyer argues that Gensler’s belief that an asset becomes a security if it is promoted by someone undermines existing securities laws. Gensler maintains that tokens are considered securities if there is a middle group and the public anticipates profits. This disagreement has caused controversy in the crypto market and led to legal battles between the SEC and crypto firms. Ripple Labs, Binance, and Coinbase are among the firms charged for violating securities laws.
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